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GOLDEN VISA SPANISH RESIDENCY - CITIZENSHIP GUIDE

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This guide explains how to gain access to a Spanish Visa. It is a practical overview that looks to advise you, our client on what the process entails. However, it does not serve as a complete legal guide as details may change from time to time, so always contacting us is very important.

Spanish legislation requires a visa for all foreigners non-European Union (EU) citizens intending to stay in Spain for a period of more than ninety days.

The ‘Golden Visa’ for Spain is mainly aimed at non-European Union (EU) citizens. It was introduced to attract property investors from outside the European Union in return for a real estate investment to gaining residency in Spain.

The application for various Spanish visa’s is now recognized within the Spanish legislation and opens the doors for suitable investors, entrepreneurs, highly skilled professionals, researchers, and workers performing inter-company business operations, including their spouses and children under 18.

There are different ways to secure a full time living

future in Spain:

OVERVIEW

GOLDEN VISA

ENTREPRENEUR VISA

WEALTH VISA

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Please note the information provided is not to be intended as a substitute for professional legal advice.Laws and tax rates are subject to change so please consult our Marbella Tax & Legal department or the tax authorities for the latest information. More info at info@marbellataxlegal.eu

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1.1 THE REAL ESTATE INVESTMENT

This opportunity offers Spanish residency rights and travel within the European Union (EU) Schengen area in return for an investment of at least 500.000€ in real estate.

Any number of properties, either residential or commercial, can be combined to raise the 500.000€ minimum investment and the property can be rented for income. Any additional monies required for finance on the desired property can be mortaged, however the initial 500.000€ must be mortgage free. The investor is therefore required to have the financial means to provide the first half a million euros without any banking assistance.

GOLDEN VISA1

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Please note the information provided is not to be intended as a substitute for professional legal advice.Laws and tax rates are subject to change so please consult our Marbella Tax & Legal department or the tax authorities for the latest information. More info at info@marbellataxlegal.eu

1.2 PERMANENT RESIDENCY & CITIZENSHIP

The steps to follow to attain citizenship:

1. Spanish resident visa obtained on the purchase of property to the value of minimum €500.000

2. Spanish resident visa is then renewed every year for the first two years

3. After the two years is completed you can then apply for the Spanish Resident Permit

4. Renewing of the Spanish resident permit will only be granted provided your investment is still in place

5. After completing a total of 5 years (1 with Spanish Visa and 4 with Spanish permit) you may apply for Permament residence.

6. Permament residence applications = minimum 6 months stay in Spain per year

7. After completing a full 10 years in Spain you may now apply for full citizenship

1.3 THE BENEFITS

• The golden visa gives the non-EU citizens the right to live in Spain, although they are not obliged to do so, you only have to visit Spain once a year in order to maintain the permit.

• With the Spanish Golden Visa you have the right to work as an employee or entrepreneur.

• Your spouse and children under 18 can apply for residency as well.

• With the residency card all family members will have the freedom to travel through the other 26 countries of the Schengen area of the European Union without applying for additional visas.

• Spanish citizenship is a process that requires the applicant to live in the country, but holders obtain European residence to live, work and study anywhere in the European Union.

1.4 STEPS TO APPLY FOR THE GOLDEN VISA

The applicant must have committed to make the investment before applying for the visa. The application will be presented once the sales contract is signed and before the end of the sale before the notary. However, the funds must be ready to be invested in a bank account in Spain. The application for a residence visa in Spain is made within 10 to 15 days and is valid for two years, if requested in Spain, and can be renewed for another five years as long as the investment is maintained.

To proceed you will require:

1. Obtain NIE Number / Spanish Identification number

2. Select the property

3. Open a bank account in Spain

4. Make the transfer

5. Carry out the legal formalities for the purchase of the property.

6. Apply for a Golden Visa.

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1.5 REQUIREMENTS of THE GOLDEN VISA

• Minimum investment of €500,000

• Clean criminal record

• No previous refusal of entry or visa to the EU

• Sufficient medical insurance (in case you decide to stay in Spain)

• Bank statements to prove sufficient income

• Also, applicants must not have previously been refused visas or entry into the Schengen zone.

1.6 OTHER INVESTMENTS

• A one million Euro investment in bank deposits in Spanish Financial Entities.

• A one million Euro investment in shares of Spanish companies.

• A two million Euro investment in Spanish Public Debts.

1.8 TAXES

1.8 INSURANCE AND EDUCATION

When you obtain the Spanish residence card through the purchase of a property, you will be subject to worldwide taxes. It will also depend on how long you reside in Spain during the year. Over 6 months, you are considered a Spanish resident and your worldwide assets and income will be taxed in Spain. If, on the contrary, you are in the country for a shorter period of time, you will only pay taxes on the initial purchase of your property and, thereafter, on the value of your assets in Spain.

Medical insurance is required if visa applicants decide to live full-time in Spain, and families will have access to all public services, including state medical care and education. While public education is governed by the Spanish curriculum, there are also many English international schools.

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Starting a business project in Spain of general interest, which creates employment, contributes to technological and/or scientific innovation or has a socio-economic impact on the local area. Business plans are to be submitted to the Economic and Commercial office of the Spanish Embassy and financial stability needs to be proven.

ENTREPRENEUR VISA2

2.1 FINANCIALS REQUIRED

• Income per spouse per month to be a minimum €2300.00

• Bank account savings to prove an amount of €27 500.00

• Private medical aid and private insurances by an authorized institution in Spain

If you start a business project in Spain that is in the general interest of the economy, you can obtain an entrepreneur visa for a period of two years.

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2.2 THE ENTREPRENEUR VISA APPLICATION MUST MEET THE FOLLOWING CRITERIA:

• The project must create new jobs in Spain and be apositive stimulus for the economy in general.

• It must be innovative and enhance the socio-economic development of Spain.

• It must create investment opportunities.

• Having the corresponding patents, letters ofrecommendation or clients will increase the chancesof achieving this.

• Have a business plan clearly defining how the projectwill be carried out with timelines.

For more information on the Entrepreneur Visa

Please click here

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The non-lucrative residency permit allows you to stay in Spain for a period of 1 year (as it is a temporary residency authorization), plus renewals. Foreigners who would like to obtain this residence permit must go through the application process from their country of origin.

As it has a non-profit nature, it does not allow you to engage in any professional activity or employment.

WEALTH VISA OR NON-LUCRATIVE VISA3

3.1 THERE ARE TWO MAIN REQUIREMENTS YOU MUST MEET IN ORDER TO SUCCESSFULLY SECURE THIS VISA:

1. Demonstrate you have suficient financial means to support your lifestyle, youcan have this amount in different bank accounts (in different countries also), butit must be in euros or in any other convertible currency.

2. Possess a private insurance policy (a public one will not work for this permit).Furthermore, it must be contracted with a Spanish company that only works inSpain. This policy must contain all the specialties.

For more information on the Wealth Visa

Please click here

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Urbanización Las Chapas, Avda. de la Jacaranda, Bloque 1 1ª planta, locales 6, 7 y 8

29604 El Rosario, Marbella - Málaga

Tel: +34 951 576 218

www.marbellaluxuryhomes.be

info@marbellaluxuryhomes.be

Marbella Luxury Homes, is a real estate company based in Marbella. Its founder, Johan

Fabri, a certified real estate agent in Belgium, has extensive experience in real estate

marketing in his native Belgium.

Marbella Luxury Holmes offers both, clients and investors, a range of professionally

personalised services:

• Real estate advice in the purchase, sale, rental and management of properties.

• Legal and fiscal services. Spanish Visa, NIE, Property Registration, taxes, etc. Our main

role is to liaise between you and the Spanish administration.

• Other services include: relocation to Spain, property management packages, insurance

services and rental services.

• Comprehensive property management, including decoration and interior design.

• Marketing and sales consultancy services for investors and developers.

Marbella Luxury Homes Office in “El Rosario” Marbella